Latest Income Tax Slab Rates for 2015-16 in India

Latest Income Tax Slab Rates 2015-16: The Income tax is a major source of revenue for the government of India. The income taxes are collected on income from various sources that an individual may earn during a fiscal year. In India, income tax is controlled by the Central Board of Direct Taxes (CBDT), which falls under the Indian Revenue Services (IRS).

The IRS is the administrative services arm of the Department of Revenue, Ministry of Finance. The Finance Minister has announced that the tax payers can claim an exemption from income tax up to Rs. 4,44,200. There are many categories of tax payers.

The Tax payers are divided into:

1. Individuals and Hindu Unified Families (HUF) entities:

Individuals (both male and female) up to the age of 60 years
Senior citizens above 60 years and up to 80 years of age
Super senior citizens above 80 years old

2. Business Entities

Domestic company, firms and local authority
Co-operative societies
Foreign companies

Income Tax Slabs and Rates 201-2016 Are Given Below:


For HUF and individuals (less than 60 years old):

For Income up to Rs.2.5 lakhs- Nil
For income between Rs.2.5 lakhs and Rs.5 lakhs- 10% of amount exceeding Rs.2.5 lakhs
For income between Rs.5 lakhs to Rs.10 lakhs- 20% of amount exceeding Rs.5 lakhs
For Income above Rs.10 lakhs- 30% of amount exceeding Rs.10 lakhs

For Senior citizens (individuals over 60 years old):

For Income up to Rs.3 lakhs- NIL
For Income between Rs.3 lakhs and Rs.5 lakhs- 10% of amount exceeding Rs.3 lakhs
For Income between Rs.5 lakhs to Rs.10 lakhs- 20% of amount exceeding Rs.5 lakhs
For Income above Rs.10 lakhs- 30% of amount exceeding Rs.10 lakhs

For Super senior citizens (individuals over 80 years old):

For Income up to Rs.5 lakhs- NIL
For Income between Rs.5 lakhs to Rs.10 lakhs- 20% of amount exceeding Rs.5 lakhs
For Income above Rs.10 lakhs- 30% of amount exceeding Rs.10 lakhs

For any NRI or HUF or AOP or BOI or AJP:

Where the taxable income does not exceed Rs. 2,50,000 - NIL
Where the taxable income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000- 10% of amount by which the taxable income exceeds Rs. 2,50,000.
Where the taxable income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000- Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Where the taxable income exceeds Rs. 10,00,000 - Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

For Co-operative Society:

Where the taxable income does not exceed Rs. 10,000- 10% of the income
Where the taxable income exceeds Rs. 10,000 but does not exceed Rs. 20,000- Rs. 1,000 + 20% of income in excess of Rs. 10,000
Where the taxable income exceeds Rs. 20,000- Rs. 3.000 + 30% of the amount by which the taxable income exceeds Rs. 20,000

For the Local authorities, Firms and the domestic Companies the Income Tax will be 30% of the taxable income. The Surcharge is the 12% of the Income Tax, where taxable income is more than Rs. 1 crore and there will be marinal relief in Surcharge.
Latest Income Tax Slab Rates for 2015-16 in India Latest Income Tax Slab Rates for 2015-16 in India Reviewed by amara sangati for Rating: 5